Changes to code of corporate governance

Stakeholders discuss role of directors among other issues.

Express September 08, 2011

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Thursday held a second roundtable meeting with stakeholders to finalise amendments to the code of corporate governance.

The participants of the roundtable, held in Lahore, shared their views on all revisions proposed in the code, including composition of the board, role of independent directors, number of directorships that a director can hold, disclosure requirements for related party transactions, measures required to safeguard interest of minority shareholders, etc, said SECP.

The meeting was attended by around 60 participants from various sectors representing prominent companies and institutions including Sui Northern Gas Pipelines, Maple Leaf Cement, Overseas Investors Chamber of Commerce and Industry, and the Association of Chartered Certified Accountants.

SECP said after further deliberations in the light of roundtables, the code would be finalised in consultation with the task force of Pakistan Institute of Corporate Governance that had initiated the process.

Published in The Express Tribune, September 9th,  2011.

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